HRCU President Responds to Backlash Over 6% Interest Loan

A loan meant to help a business is now raising hard questions about fairness at one of the country’s biggest credit unions. At Holy Redeemer Credit Union’s annual general meeting, members confronted leadership over a special six percent loan granted to President Wendy Castillo, demanding to know why those same terms aren’t available to everyone. Member-owner Alfonso Noble put the issue front and center, calling for transparency in how loans are approved. But Castillo stood her ground, saying the deal followed policy and that any member can qualify once they meet the board’s strict criteria. Still, the exchange has set off a wider conversation: are all members truly getting an equal shot?

 

Wendy Castillo, President, Holy Redeemer Credit Union

“It is not only the president’s loan that attracted us 6% interest rate, any business loan and loan over 500,000 for any member owner or entity can come to the board.  If you know our regulations, only the board of directors based on due diligence, repayability, and security kind of grant such six percent or reduce waiver And for the membership my name business people many other investment portfolios have come to HRCU and the same is granted to them. As a point of clarity, I am proud, like any member whether small or big to come to my credit union, not because any of us holds a post here, It should just franchise us from coming to our credit union. I started by saying. This credit union for it to 2 years have seen dreams come to reality. I too dream as a poor person. I too rise up from the ground, from nothing to be somebody today to serve on this Noble and member owners. You all come here every year when I go around when my term is up and I ask for your vote of confidence. Not for personal gains, but I too have dreams and I should not and no member of my board because they serve here, if their portfolio is good and strong, we will not send them to the bank.”

 

Castillo also claims that the HRCU will receive six hundred and one thousand dollars back in interest after her loan is paid off.

 

Attention readers: This online newscast is a direct transcript of our evening television broadcast. When speakers use Kriol, we have carefully rendered their words using a standard spelling system.

 

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